Distributed Ledgers, Blockchains, and Cryptocurrencies

Thema:
Data sharing

Within the Fourth Industrial Revolution, trust in the digital domain is at least as important as trust in the physical world. Now that the hype around blockchain has passed, we can explore where Distributed Ledgers (DLT) can genuinely add value, as an alternative to centralised trust.

What is distributed ledger?

A DLT, also known as blockchain, is a distributed, immutable record of digital transactions among parties who do not (necessarily) know or trust each other (or themselves). This enables transparent and fraud-proof time notarization of digital transactions, eliminating the need for trusted intermediaries in the exchange of digital assets (be these ownership claims, currencies, value, files, certificates, metadata, title deeds and so on). The transparency, fraud-proof nature and immutability of DLT ensure:

  • increased integrity and availability of digital information
  • increased data and system resilience
  • increased (on-demand) transparency
  • sovereignity

DLT is useful in transactions among machines, people and organisations, where a central trusted authority and/or intermediaries are undesirable or unfeasible. However DLT is not a panacea, and demands meticulous orchestration. It should be carefully assessed if and when which type of DLT adds value. There are different types of blockchains. DLT can be public permissionless chains, such as Bitcoin, Ethereum, and Monero; these are commonly applied in the financial sector where they form the basis of tokenization and token economies, are used to decrease transaction costs for processes, and more. DLT can also be private permissioned chains, such as the European Blockchain Services Infrastructure and Hyperledger; these are commonly applied in public sector settings where they can be used for the trusted exchange of credentials (e.g. diplomas), deployed for the exchange of sensitive documents in logistics or the healthcare sector, and more.

Tokenisation

Tokenisation is the process of creating a (unique) digital representation of an asset on a blockchain, enabling real world assets such as securities, intellectual property, or data to be invested, exchanged, or used. By keeping assets in an immutable digital ledger while allowing ownership to be transferred, tokenisation improves efficiency, reduces errors, and enables programmability, composability, and automation across financial markets. According to Deutsche Bank Research (2025), the total market size for tokenised assets has expanded from ~$4bn in Dec 2019 to ~$331bn in November 2025 – by and in large because of the rise of stablecoins.

What does TNO work on?

DLT have had a major impact on all sectors involving data or other value elements within and between chains (e.g. the rise of decentralized finance (DeFi), smart contracts, and Decentralized Financial Exchanges). Among the cited examples above, TNO is committed to bringing together knowledge and expertise on DLT more broadly and cryptocurrencies more specifically in partnerships, be these from co-development and deployment in the former to analysis and tracing with the latter. The aim is to help the Netherlands innovate safely in order to sustainably strengthen the competitiveness of its businesses and for the welfare of society. Explore our past work below:

For the past two decades, we have conducted research on cutting-edge developments of specific cryptocurrencies as well as the broader ecosystem. By nature, our research is foundational and of descriptive character.

In 2019, at the request of the Dutch public prosecutor and in cooperation with the Fiscal Information and Investigation Service, we worked on Monero and other privacy coins in light of their relevance to cybercrime. We also conducted an in-depth analysis of several developments that occurred in the Bitcoin ecosystem, with specific focus on decentralized Bitcoin mixing, privacy improvements to the Bitcoin network protocol, the Bitcoin Lightning Network, and last but not least the introduction of innovative applied cryptography in the Bitcoin protocol by Taproot. In 2022, building on the previous and considering increased criminal usage, we conducted an in-depth technical analysis of the Bitcoin lighting network.

Our researchers have also contributed to publications in leading academic outlets as well as edited books. Amongst others, we have studied price manipulation in Bitcoin and the world of decentralised finance.

Europe is expected to have its own central bank digital currency (CBDC) – the digital euro – in the near future. In 2024, we compared enabling technologies (pdf) (including DLT and zero-knowledge proofs) that could contribute to a user-friendly solution, with a strong emphasis on pragmatic ways to ensure reliability, privacy, and inclusiveness. After all, a European digital currency needs to fit well with the prevailing values and principles of our continent.

We are also working on self-sovereign identity which, sometimes, can also include blockchain. Our work on Assuring Digital Identity is all about assuring trust in the digital society.

TNO is part of COW, a European research project (ISF-2024-TF2-AG-DIGITAL) aiming at developing mission-ready methods and tools to support law enforcement and digital forensic teams in investigating and countering the criminal use of privacy-enhancing cryptocurrencies. The project will also design and deliver specialized training and curricula for agencies and judicial authorities, equipping them with the knowledge and skills needed to process and interpret evidence collected through these methods and tools.

As part of the Cybercrime Atlas hosted at the World Economic Forum, TNO is taking a leading role in a new research line focused on the role of cryptocurrencies in cybercrime. This collaboration highlights TNO’s leadership in cybersecurity and its commitment to addressing emerging digital threats.

DLT is not something you do alone

By definition, DLT lends itself to collaboration. The approach we take is collaborative as well: bringing together experts in cryptography and finance to cybersecurity and systems thinking. Our strength lies in creating connections among society and organisations. This, combined with our substantive technical and scientific knowledge of DLT, cryptocurrencies, cybercrime and ICT as well as our independence, makes us an organization with a unique right to play both in the Netherlands and in Europe. Would you like to colaborate with us? Contact us today.

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